History of Economic Thought // Spring 2025
marcio.santetti@emerson.edu
1776—1936
Why start only in 1776?
3 ways to organize society:
Market system overlaps with the rise of individualistic behavior.
4 causes for the transition:
From feudalism to capitalism
Perspective of ethics
“On the one hand, it is evident that the whole body of regulations, by which modern societies set limits to the free play of economic self-interest, implies the acceptance, whether deliberate or unconscious, of moral standards, by reference to which certain kinds of economic conduct are pronounced illegitimate.” (Tawney, 1926, p. 4)